Ethereum’s price appears primed for another upward move as technical analysts highlight a hidden bullish divergence. This pattern suggests that, despite recent pullbacks, ETH could reclaim its momentum and push past key resistance levels.
Crypto analyst Javon Marks recently pointed out on X that Ethereum has confirmed a hidden bullish divergence—a strong signal for trend continuation. Typically, this formation occurs when an asset’s price makes a higher low while its Relative Strength Index (RSI) forms a lower low. This suggests that buyers are still accumulating, setting the stage for a potential breakout.
- Key resistance: $4,850
- Potential target: $8,000
- Indicators: Hidden bullish divergence, RSI recovery
Breaking above the $4,850 resistance could trigger a sustained Ethereum rally, pushing prices towards the $8,000 mark and fueling optimism across the broader altcoin market.
Ethereum Drops Below Realized Price—What It Means
Recently, Ethereum’s price dipped below its realized price of $2,054, marking the first time since February 2023. The realized price represents the average cost basis of all ETH tokens currently in circulation, making it a crucial metric for assessing market sentiment.
According to on-chain data from Glassnode, Ethereum’s Market Value to Realized Value (MVRV) ratio dropped to 0.93, indicating that ETH holders are sitting on an average unrealized loss of 7%. Historically, such periods have often led to accumulation phases, as long-term investors buy in anticipation of a recovery.
However, whale activity has intensified, with large ETH transactions flowing into exchanges. If selling pressure increases, Ethereum could retest support around $1,600-$1,900 before making another attempt at higher levels.
Will Ethereum’s Rally Trigger an Altcoin Boom?
A successful breakout past $4,850 could do more than just push Ethereum higher—it might ignite an altseason. Many altcoins closely follow ETH’s trajectory, particularly during strong uptrends.
- Institutional interest could surge if Ethereum confirms a bullish breakout
- Altcoins could gain traction, mirroring Ethereum’s price movement
- Glassnode data shows 600,000-700,000 ETH accumulated near $1,900, reinforcing key support
If Ethereum maintains support and builds momentum, $2,200 will be a crucial resistance to watch. A break above this level could set the stage for a powerful rally, potentially sending ETH to $8,000 and boosting the entire altcoin market.
Sources & Methodology
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